Woven fabrics are an essential part of our daily lives. From clothing to home decor, these fabrics play a crucial role in various industries. One such type of woven fabric is HS Code 54074320, which refers to fabrics containing 85 percent or more by weight of filaments of nylon or other polyamides, of yarns of different colors, not elsewhere specified or included.
When it comes to international trade, the Harmonized System (HS) is used to classify goods. HS codes are a standardized system of numbers and names used to classify products for customs and statistical purposes. They help in identifying the type of product being traded and determining the applicable duties and tariffs.
HS Code 54074320 specifically categorizes woven fabrics that are predominantly made of nylon or other polyamides. These fabrics are known for their strength, durability, and versatility, making them suitable for a wide range of applications.
One important aspect to consider when importing or exporting goods is the duty rate. The bound or Most Favored Nation (MFN) duty rate for HS Code 54074320 is 8.5%. This means that whenever a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. The duty rate applies to the value of the goods and is a percentage of that value.
The quantity unit for HS Code 54074320 is square meters (M2). This unit of measurement helps in determining the quantity of fabric being traded, making it easier for both importers and exporters to calculate the total cost and plan their shipments accordingly.
When it comes to special tariff preference programs, several countries offer favorable rates for imports of woven fabrics under HS Code 54074320. Some of these programs include:
Knowing the special tariff preference programs available can help importers and exporters take advantage of lower duty rates and make informed decisions about their trade activities.
HS Code 54074320 is relevant for both importing and exporting countries. Importing US states and exporting US states can benefit from the trade of woven fabrics under this HS code. The detailed data on importing and exporting US states for this HS code is not provided in the given information. However, it is important to note that the United States is a major player in the global textile industry and engages in trade of various textile products, including woven fabrics.
Understanding HS Code 54074320 and its implications can help businesses navigate international trade more effectively. Whether it's importing or exporting woven fabrics, being aware of the duty rates, special tariff preference programs, and quantity units can contribute to successful and cost-efficient trade transactions.